Monero Technical Analysis – Eyes Support Levels – 03/10/18

Key Highlights

• Monero’s XMR gained 1.04% on Tuesday, reversing Monday’s 1.2% fall, to end the day at $115.52.
• A morning sell-off saw Monero’s XMR fall through the day’s first major support level at $112.45 to an intraday low $111.64 before recovering to $115 levels.
• A late in the day spike saw Monero’s XMR break through the first major resistance level at $116.86 to test the second major resistance level at $119.03 with an intraday high $119.95 before sliding back.
• The day’s moves saw Monero’s XMR continue to fall short of the 23.6% FIB Retracement Level, leaving the extended bearish trend intact.

How to Buy Monero’s XMR

Monero’s XMR Price Resistance

Monero’s XMR gained 1.04% on Tuesday, reversing most of Monday’s 1.2% decline, to end the day at $115.52.

Tracking the broader market through the early part of the day, Monero’s XMR moved through to an early morning high $115.48 before being hit by a cryptomarket sell-off.

Sliding through the morning and early afternoon, Monero’s XMR fell through the day’s first major support level at $112.45 to an early afternoon intraday low $111.64 before finding support, to move back through to $115 levels and a late afternoon high $115.99, the afternoon recovery seeing Monero’s XMR move into positive territory for the day.

Bucking the trend across the broader market across the broader market, an end of day rally saw Monero’s XMR break through the first major resistance level at $116.86 and the second major resistance level at $119.03 to an intraday high $119.95 before retracing the gains ahead of the close to end the day at $115 levels.

In spite of the day’s gains, the extended bearish trend formed at late April’s swing hi $298 remained intact, Monero’s XMR continuing to fall well short of the 23.6% FIB Retracement Level of $130.

At the time of writing, Monero’s XMR was down 2.31% to $113.21, with Tuesday’s end of day reversal continuing into the early hours of this morning, Monero’s XMR sliding from an early morning high $117.05 to a morning low $113.2, the moves through the early morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move through to $114 levels would support a run at $115 levels to support a second half of a day rebound, while the day’s first major resistance level at $119.77 will likely remain out of reach on the day, barring a Tuesday anomaly that saw Monero’s XMR briefly break down resistance levels before sliding back.

Failure to make a move for $114 levels through the morning could see Monero’s XMR take a bigger hit to bring $112 levels and the day’s first major support level at $111.46 into play before any recovery, the day’s second major support level at $107.39 unlikely to be tested, barring particularly negative news hitting the wires.

https://www.tradingview.com/x/1iKwbAJY/

Looking at the Technical Indicators

Major Support Level: $111.46

Major Resistance Level: $119.77

Fib 23.6% Retracement Level: $130

Fib 38% Retracement Level: $162

Fib 62% Retracement Level: $214